Class Test on Micro Economics Essay

i) All questions in this section are compulsory ii) Marks for questions are indicated against each iii) Answers for very short answer questions carrying 1 mark must be answered in ONE sentence each iv) Answers for short answer questions carrying 3 marks each should not normally exceed 60 words v) Answers for short answer questions carrying 4 marks each should normally not exceed 70 words vi) Answers for long answer questions carrying 6 marks each should not normally exceed 100 words each. vii) Answers should be brief and to the point – The above word limits should be adhered to as far as possible. 1. Name the characteristic which make monopolistic competition different from perfect competition[1] 2. Why is demand for water inelastic?[1] 3. State one feature of oligopoly[1] 4. In which market form is the demand perfectly inelastic?[1] 5. Distinguish between increase in demand and increase in quantity demanded[3] 6. Goods X and Y are substitutes. Explain the effect of a fall in price of Y on the demand for X.[3] 7. At a price of Rs. 5 per unit of a commodity A, total revenue is Rs 800. When its price rises by 20%, total revenue increases by Rs. 400. Calculate its rice elasticity of demand[3] 8. Explain the implication of freedom to entry and exit of firms under perfect competition[3] 9. Given below is the cost schedule of a firm. Its average fixed cost is Rs 20 When it is producing 3 units. |Output |1 |2 |3 | |Average Variable cost (Rs.) |30 |28 |32 | Calculate its marginal cost and average total cost at each given level of output.[3] 10 Explain the features of â€Å"What to produce† OR Explain any two main features of centrally planned economy.[4] 12. When the price of a commodity falls by Rs. 2 per unit, its quantity demanded increases by 10 units. Its price elasticity is (-)1. Calculate its quantity demanded on its equilibrium price.[4] 13. Explain the effect of increase in income of buyers of a normal commodity on its equilibrium price.[4] 14. State whether the following statements are true or false: Give reasons for your answer (a) When total revenue is constant, average revenue will be constant. (b) Average variable cost can fall even when marginal product is rising (c) When marginal product falls, average product will also fall.[6] 15. Explain the law of variable proportions with the help of total and marginal product curves. [6] 16 Explain producers equilibrium with the help of a marginal cost and marginal revenue schedule [6]

Xsu Spring Concert

Case 2 – XSU Spring Concert. Risk Identification Firstly, we can state that, as with most projects, there are several risks that occur when it comes to the execution of this spring concert. To make the risks more easily viewable, it is preferable to divide the risks into different sections and via that use the Risk Breakdown Structure, (RBS). (p. 214) There are four general categories that the risks are divided into: Technical, External, Organizational and Project Management. These risks are divided into more specific subcategories, which all of them can make or break the project.First of all the XSU entertainment committee has to get permissions and approvals from the city and XSU to be able to go through with the concert. There will be requirements that needs following during the concert as well. Regarding the technical category, some main risks are that the electricity and the sound system will be functioning, the constructing of the stage will go as planned and that there will be enough space for restroom facilities for 10 000 visitors and parking lots for 1000 cars. The stage-building depends on capable work force with required skills.There might be security issues by the stage or in the secluded beer-garden, which might arise if it gets too crowded and that would be disastrous as Hasta Weekend has a history of fatalities. When it comes to the external risk category there are some factors that the committee really can’t affect, for example the weather can make this outdoor concert a hit or a disaster. There are a lot of sub-contractors involved, as well as vendors and artist. This demands many contracts, which can turn out wrong, and communication issues can emerge.If the committee can’t sign a big artist to this eight-hour concert, there might be a huge loss of money, as there won’t be enough visitors, and result in a bad reputation. That might also be a reaction to the event of not finding sufficient sponsors or suppliers. The risk of shortage of funds will impede the startup of the whole project, therefore the gathering of funds and signing of sponsors has high priority. The project team needs to organize and dispense necessary workforce to find vendors, artist, sponsors etcetera and by that minimize the risk.The project has an upper-limit regarding the expenses, which is $ 50,000. Exceeding this limit is a risk per se and would definitely hurt the project. Furthermore, the risks of not being finished with certain milestones by the appointed deadlines can cause rescheduling and excess costs. To keep the deadlines good communication and coordination is essential in this project management. Mistakes in the planning can easily be solved by good communication and coordination throughout the whole organization. Consequently, the risk of bad communication, bad control and bad coordination can affect the project negatively.To conclude, the main risks that we have identified and have highlighted in our analysis are city permissions, technical necessities, funding, coordination, communication and the weather. 3. Risk Response Development – to develop actions to reduce the risks’ damages by developing a strategy and emergency plan. Risk Response Development The risk response developments purpose is to reduce risks’ damage through the development of action strategies and an emergency plan. Different responses to the risks are identified and assessed.This can take the form of a risk response matrix and a project communication plan. With the risks identified the committee can transfer the technical risk for example via outsourcing of the stage construction. Furthermore, the technical risks can be reduced by testing the materials before the concert. By adding more artists to a back up list, the risk of lack of artists will be eased and the impact of the risk decreased. The risk of shortage of funds can be mitigated by having better forward planning and more detailed contrac ts with the sponsors.The sponsors might be keener on the project if they are given more freedom with the choice of spots at the concert and so forth. By being in time with the applying of approvals from the city the risk can be mitigated. Regarding the weather, it can’t be affected, but precautions can be taken by covering the stage, beer garden and some certain areas. To keep deadlines, the committee can use time buffers and to keep the budget, a management reserve can be set up.

South Carolina Slave Essay Example | Topics and Well Written Essays - 1000 words

South Carolina Slave - Essay Example Such inalienable rights also refer to my inherent rights to freedom. The declaration also speaks of equality and although Jefferson and the other founding fathers have been largely embroiled in the practice of slavery, slavery is still very much against the concept of equality. Slavery is basically a war against human nature. It is also an act of assault against people from a distant place, an assault which captivates them into a degrading existence (Nininger, Jr., 2011). Based on these primary precepts, I therefore deserve to be freed from my servitude. I believe that although Jefferson himself had slaves, such fact cannot prevent the deeper understanding of the statements of independence upon which the declaration of independence was based. I believe that Locke was a significant influence in the Jefferson’s ideals. Locke believed that God gave man four fundamental rights. These rights included the right to life, liberty, and property (Maier, 2001). Locke also believed that t he most important human law is that of the preservation of mankind. In order to meet such purpose, Locke believed that it is incumbent upon all individuals to protect their own rights. I, therefore, have the right to preserve my life and my rights. Preserving my life is preserving it for my own, not for other people, and certainly not for those who have tied me to servitude (Maier, 2001). I also feel more support from Locke in terms of seeking freedom from servitude. Locke succinctly points out that all people must have the right to make choices on the way they would carry out their activities, for as long as their actions do not interfere with the rights of others. In effect, Locke believes that one’s liberty must be extensive and not be filled with limitations. Slavery however extensively limits the rights and liberties of a person. I believe that the role of the government is to protect the exercise of my inherent and inalienable rights. Such principles under the declarati on of independence ensure that I have the same rights as other people. My status as a slave is therefore something I can inherently discard, even without the declaration of other people, including my masters or owners. My owners or masters also have a legal obligation to obey the principles of declaration and the laws of their rulers (Maier, 2001). The Declaration of Independence also claims that all men are created equal. This claim is the best support for my desire to be free of my servitude. Those who signed the declaration of independence had dubious stands on slavery as they loudly declared it to be wrong, but were themselves slave owners (Maier, 2001). Hutcheson also stated that â€Å"all men are morally equal to one another and that nature makes none masters, none slaves† (Maier, 2001). Still, slavery remained persistent, especially among these Declaration signatories because they actually did not see a clear way of ending the practice. I believe that it would have ind eed been difficult and disruptive to have slaves freed at once. It would have cause chaos in society and it would have left slaves without any visible and immediate means to support themselves (Maier, 2001). The cotton industry was also dependent on hundreds of slaves. Freeing them was bound to cause the collapse of the cotton industry. With these considerations, I believe that it would not be easy for me to gain freedom from my servitude. The Articles of Confederation provide no support or recognition for slavery. The only

Vessel Traffic Services (VTS) Essay Example | Topics and Well Written Essays - 5000 words

Vessel Traffic Services (VTS) - Essay Example While Hughes (1998) is not entirely incorrect, he is not correct either. Certainly, as Maio (1991) argues, technology is a major determinant of a port's capacity to execute the functions and responsibilities associate with VTS and, technological limitations ultimately delimit the capacity to efficiently and effectively execute the stated responsibilities. Nevertheless, the human factor is integral as VTS is ultimately all about human-machine interaction. The qualifications of operators, thus, extends beyond the ability to work with the system and correctly interpret data output to include, more often than not, crisis management and critical decision-making under pressure. There is little room for human error (Maio, 1991). In consideration of the somewhat divergent points of view presented in the preceding paragraph, the primary aim of the present study is the analysis and articulation of VTS operator and personal qualifications, alongside a determination of the extent to which the failure to satisfy these qualifications adversely bears upon a port's capacity to execute its VTS responsibilities. Within the context of the functions of Vessel Traffic Service and the systems used for the monitoring of waterway traffic and the maintenance of safety, what characteristics and qualifications should VTS operators possess As a strategy for responding to the selected researched question and satisfying the research's articulated aim, an in-depth investigative exploration of radar technology, coastal radar systems, and the requirements of coastal radar surveillance shall be undertaken. The results of the investigation shall determine the optimal coastal radar surveillance system(s). Introduction Prior to presenting the data upon which the discussion pertaining to the research question shall be based, it is necessary to contextualize the report's focus. This shall be done through a review of the role which Vessel Traffic Service play in the promotion of waterway safety, the strategies by which vessel traffic is monitored and safety maintained, an historical analysis of its development and the articulation of its responsibilities and tasks of VTS operators. 2.1 Background The provision of traffic services is integral to the maintenance of minimum safety levels in all forms of transportation. This is especially true for vessel traffic and, more so in busy waterways. The reason as Nuutinen, Savioja and Sonninen (2005) contend lies in the fact that the mismanagement of vessel traffic in busy waterways results in both environmental and human catastrophe. Vessel traffic management, in other words, is of unique and critical importance. Further to that, it is also extremely complex and complicated, requiring a degree of data precision and

Assignment 006 Example | Topics and Well Written Essays - 1000 words

006 - Assignment Example In addition, famers toil hard from the soil to earn a genuine return (Madison, p.2) 3. Jefferson says tobacco farming produces â€Å"infinite wretchedness.† Why? Jefferson said this because tobacco farming requires very fertile land, high temperatures and high cost of in-puts which most famers may not afford. In addition, tobacco prices in the market are extremely low as compared to its cost of production and hence, leaving the famers at condition of â€Å"infinite wretchedness† (Madison, p.3). 4. How does wheat cultivation create â€Å"happiness†? Wheat farming does not require higher cost of input as compared to tobacco. In additions, it does not require very fertile soil and high temperatures as tobacco. Additionally, it provides famers with higher returns and abundance of food supply (Madison, pp.4-5). 5. What, for Madison, is the relationship between agriculture and civilization? According to Madison there is a strong correlation between agriculture and civi lization. For example, in civilized nations like Japan and China, agriculture tends to prevail better inured to promote civilized life unlike in uncivilized nations. Whereby, in a civilized society the supply of food tends to increase spontaneously beyond the natural limits (Madison, pp.4-5). 6. ... 7. What benefits to â€Å"savage† people seem to enjoy as a result of their â€Å"savage† life? Savage people tend to discover better things in life after going through savage life. In addition, they are able to learn better ways of doing things as well as ways of overcoming challenges in their lives (Madison, pp.4-7). 8. Once a society becomes agricultural, what force or forces make it continue that way? Some of the forces include; an increase in population as the number of mouths for feeding increases, decrease in supply of nature, acquisition of property among the members of population among other forces. 9. What, for Madison, limits the growth of plant and animal populations? Are humans different? According to Madison, lack of land productivity may limits plants and animal growth. In addition, humans are not different because they are part of that population. 10. In Madison’s estimate, how much greater could human population become if every spot on earth were cultivated? There will be approximate more than a hundred individuals in each and every spot and this could bring great epidemic. 11. What mistakes do American farmers make in managing their soil? Among the mistakes make in managing soil include: -Poor cultivation of the land. - Poor mode of ploughing of the land has made the fertile soil to be carried away by rains. -Failure to apply manure - Poor irrigation methods -utilization of oxen instead of horses -keeping of too many cattle tend to destroy the soil - cutting down of trees for timber and wood especially in rural areas. 12. Why do American farmers manage their soils so poorly? This is because; most famers may not afford the best methods, tools and

Fresh Food is always better than Frozen Food Essay

Fresh Food is always better than Frozen Food - Essay Example Over the years the market for frozen food has grown tremendously. Market research has revealed that many of the consumers use frozen food because they find the â€Å"Ready-to-Eat† deli lines a very convenient option because with the passage of time life is becoming very fast paced and going through the hassle of cooking food appears to be a waste of time when convenient food solutions are present for the consumers. But the important question here is how far consumers are willing to go for convenience? Would they disregard the fact that frozen food carries with it the potential of harmful bacteria and diseases which can result in serious illnesses? There has been a lot of debate over the health implications of frozen foods, many believe it to be a myth but some researchers have proven that if frozen food is not cooked at the optimum temperature then it can adversely affect the health of the consumers. According to experts frozen food is safe if it is made sure that it is stored below zero degrees centigrade at all times. Freezing food slows down the activity of the microorganisms present in the food but does not inhibit it altogether. Therefore, when the food is left to thaw the rate of activity of the microorganisms is much more than that of fresh food. Consequently, if frozen food is not cooked immediately it can be very harmful for the human body. Moreover, the enzymatic activity causes chemical reactions in food which are not halted by freezing. This enzymatic activity can cause health problems when frozen vegetables are eaten and are not particularly dangerous in terms of meat and fish. To ensure that frozen vegetables are safe to eat they first need to either be blanched or partially cooked for some time before frozen (United states Department of Agriculture Food Safety and Inspection Service , 2-3). Our argument here is why go through so much hassle and stress regarding health when one can avoid it by using fresh food? When using fresh food one can be sure of the fact that all the ingredients used have been hand-picked by the consumer and that he has himself cooked them therefore the element of a lack of hygiene does not hold true while using fresh food. Listeria is the name of a pathogen which is not very commonly known to the masses. This pathogen causes severe food-poisoning and surprisingly patients infected by the Listeria pathogen are hospitalized the most compared to other food-poisoning pathogens such as the E.Coli bacteria, which the masses are more aware of but is milder when compared to Listeria. The major difference between Listeria other food-borne pathogens is that Listeria can throve in an atmosphere of low oxygen and low temperatures. Consequently, in frozen ready-to-eat meals the Listeria content is very high. The listeria content is particularly high in frozen food containing meat or poultry, therefore when people consume such a diet they are vulnerable to being exposed to a harmful pathogen such as Listeria which can affect the well-being of the individual by initially starting off as a mere flu and moving on to even a nervous system infection. People with low immunity need to be particularly careful when consuming products that are otherwise considered not very safe to eat such as frozen ready-to-eat meals. Moreover, people suffering from diseases such as AIDS,

Assignment for Art Humanities class Example | Topics and Well Written Essays - 750 words

For Art Humanities class - Assignment Example Other images show kissing between married people as unclean, even when legalized by the matrimony. Though kissing can have other meanings, such as the kiss of peace and the mythical kiss, the Church related kissing to immorality because of its physical gratification aspect. The author presents a compelling argument regarding the treatment of desire in the medieval times. His use of descriptive language specifically helped understand the meaning of kissing images in art and literature. His analyses offer insight on how the Church used the dichotomy between right/wrong, and spirit/body, to further divide the male and female gender and ascribe inferiority to the latter. Thus, kissing has been connected to sin, where the female sex invokes sin among men. This shows that women were characterized as temptresses, whose whorish abilities must be controlled and fought. The Production of the Orient in Said’s â€Å"Orientalism† In â€Å"Orientalism,† Said argues that the Or ient is a product of European imagination and demand for domination through imperialism. He stresses that Europe gains from defining the Orient as â€Å"the Other† because it justifies its control over its people and resources. Furthermore, when Said talks of Orientalist discourse, he pertains to socio-economic and political institutions that reinforce Eurocentricism. Orientalist discourse is not about the Orient as its natives believe it to be, but how Britain, France, and America want to see and discuss the Orient. The difference between what is and what the powers want something to be is related to Camille’s analysis of the Kiss. The Church thinks that the Kiss is inherently evil because of its sexual consequences. In the same line of thinking, Said sees Orientalism as man-made, specifically, produced by imperialist rulers. They manufactured Orientalism for their own purposes, in the same way that the Church generates images of the kiss for its own intentions. The C hurch and the white empires both want to control people through their literature and arts. They similarly impose their will on the powerless, so that the former can maintain and expand their powers. Like Camille, Said performs a visual analysis on Orientalist literature. These images indicate the loss of the Orient to the much more powerful and superior West. Thus, Said argues that the West did not only control the Orient through its political structures, but more so, through shaping its cultural norms and symbols. Not Fury, but Calmness in Freud’s â€Å"The Moses of Michelangelo† In Totem, Taboo, and other Works, Freud interprets the Moses statue of Michelangelo in his essay, â€Å"The Moses of Michelangelo.† He disregards common artistic interpretations that Moses is about to spring into action and the tablets are almost slipping from his left hand. Instead, he believes more in the analysis of Thode, that by virtue of Moses’s position in an array of scu lptures and the actual muscle tensions in his body, Moses is in a state of perpetual wrath, but not ready to perform any immediate action. Freud thinks that Moses is not preserved for a historical event, but as a character whose experiences have aroused inner feelings of anger and

Human Growth Hormone Replacement Therapy and Aging Essay - 1

Human Growth Hormone Replacement Therapy and Aging - Essay Example It has truly amazing reparative and restorative powers that can reverse cellular and tissue damage and even help re-grow failing organs† (Life and Mintz, 2004). Science has also always been looking for the proverbial fountain of youth, ever since the roots of modern medical science in alchemy; no one has yet found it. However, it is advisable to take into consideration the pros as well as the cons when discussing the subject of using HGH on humans, and its effects on aging. These effects appear to be positive in the reckoning of the three peer reviewed sources contained in this research study, but with new developments, caution is always urged. Objective: Bowers’ study is interested in determining whether or not growth hormone is effective in creating rapid growth and increasing survival rates in animal testing. This study therefore focuses on a population not of test subjects who are humans, but instead tadpoles. The author wants to determine, based on reactions of selected populations who are treated with growth hormone, whether or not growth hormone increases survival rates in tadpoles. Methodology: The author uses an experimental control test methodology. They arrange a series of petri dishes with five tadpoles in each dish, including a control group which are given distilled water instead of growth hormone. The author uses statistics to then separate and form significance of the data which is empirical. After placing 5 tadpoles into each petri dish with 20mL of HGH, the author sets out to, â€Å"Observe rate of survival and development 24 hours later. I conclude that the Human Growth Hormone concentration of .001% had the highest survival rate with an average of 18.9. The Control of just distilled water had the second highest survival rate with an average of 12.4† (Bowers, 2002). Quantitative methodologies in research like this often supply more empirical results. Conclusions: The

Roe v. Wade was incorrect legally and constitutionally (Catholic) Term Paper

Roe v. Wade was incorrect legally and constitutionally (Catholic) - Term Paper Example Wade’s constitutionality with reference to the written constitution. There is so much false information regarding the Supreme Court’s decision on this case. To say that the decision of the Supreme Court was legally and constitutionally correct means that the decision should base on principles enshrined in the constitution of the United States, on precedents in constitutional law and on rights, which the constitution purposely created to secure and protect. Abortion has been generally a debated issue for many years. Abortion gets opposition especially by the church and activists’ arguing that abortion is murder, and therefore, women should not have the right to an abortion. On this case, the Supreme Court gave Roe the right to an abortion saying that it was her constitutional right not to bear the child of a rapist. The court emphasized that they were not deciding when human life starts. They ruled that an unborn child is not a human being within the meaning of the Fourteenth Amendment and therefore, not entitled to have rights to life, liberty, and property. The court effectively argued that unborn children are not living human beings and therefore, they are not entitled to the Fourteenth amendment rights1. Historical evidence of abortion does not support a woman’s right to an abortion. Early feminists opposed abortion, as the medical procedure was not safe for women, endangering their health and life. By 1965, all the fifty states had banned abortion, with some exceptions, which were different depending on the state: to save the life of the mother, in cases of rape or incest, or if the unborn child was deformed. These words gave women the right to an abortion. Groups such as the National Abortion Rights League struggled to liberalize anti-abortion laws. The history of abortion is much familiar to the Roe v. Wade case as it made most existing state abortion laws unconstitutional. The Court did not interpret in